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17320 PC Bch Parkway Parkway, Panama City Beach, FL 32413
Commercial condo unit near Highway 79 and Highway 98.
Property Size800 SF
Price / SF$206.13
Days on Market1043
Property Features for 17320 PC Bch Parkway Parkway
General Information
Standard status
Active
Size
800 SF
Property subtype
Office
Building Details
Year Built
1985
Stories
2
Listing Agency:
Century 21 Service Realty
Listed By:
Bill Holt · License #FL
Source:
Crexi
Added: Oct 20, 2023
Changed: Aug 21
Last Checked: Aug 25 at 7:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Service Realty
Investment Insights
Based on property information with market context.
Located near the intersection of Highway 79 and Highway 98 in Panama City Beach, Panama Plaza is a commercial condominium complex where office spaces are available for purchase. Unit 205, situated on the second floor, offers approximately 800 square feet of space. The unit is divided into a large foreroom and two spacious, private offices, each with separate key access. This layout provides flexibility for occupying the entire space or subletting individual rooms. In addition to the three workspaces, the unit includes a large storage room with shelving, an equipment/supply nook with storage drawers, and a private bathroom. The layout and building design are suited for professional office use. The unit has been well-maintained and is in turn-key condition. Panama Plaza is located on US 98, which is being expanded to a six-lane highway with multi-use paths. The location benefits from high daily traffic. A lit sign above the condo advertises the business. The area is experiencing growth with the opening of a medical campus and future hospital on Highway 79, the construction of Dolly Parton's Pirates Voyage Dinner and Show and Topgolf in Pier Park West, and new housing developments in the area.
Key Highlights
- Own your office space and gain control over costs and location.
- Tastefully divided into a large foreroom and two spacious, private offices, offering flexibility.
- Located in a rapidly growing area of Panama City Beach, near Pier Park, with new developments.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,451
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$269,020
$269.0K
Cap Rate 7%
$192,157
$192.2K
Cap Rate 9%
$149,456
$149.5K
Market Conditions
NOI Build-Up for 800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.6K $28.20/SF
− Vacancy
−$4.6K −$5.78/SF
EGI
$17.9K $22.42/SF
− OpEx
−$4.5K −$5.60/SF
NOI
$13.5K $16.81/SF
Area
Bay County, FL
Vacancy
20.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$269,020
Cap Rate 7%
$192,157
Cap Rate 9%
$149,456
Alternative Uses
Best Use
Office B
$192.2K
$168.1K – $224.2K
NOI $13,451 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$233.1K
$204.0K – $271.9K
NOI $16,316 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 32413, FL
15,217
Population
16,334
Households
0.9
Avg Household Size
50
Median Age
34%
College-Educated
94%
High-School Grad
108.2 sq mi
ZIP Area
141
Density / Sq Mi
$76,010
Median Household Income
$41,282
Median Earnings
$1,629
Median Rent
$384,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercial condo unit near Highway 79 and Highway 98.
Where is this office units located?
The property is located at 17320 PC Bch Parkway Parkway Panama City Beach, FL.
What is the asking price?
The asking price for this property is $164,900.
What are key features of this property?
This property features: Own your office space and gain control over costs and location.; Tastefully divided into a large foreroom and two spacious, private offices, offering flexibility.; Located in a rapidly growing area of Panama City Beach, near Pier Park, with new developments.
